Could this be the first 'Hardest Hit' state to use funds for down payment assistance?

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The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings.

Florida’s huge $1 billion foreclosure prevention plan has helped many homeowners stay in their homes, but a shift in tactics may assist homebuyers in getting one.

The down payment proposal, which was rejected in a similar form by the U.S. Department of Treasury in 2010, is a strategic shift for the state’s Hardest Hit Fund. Created with taxpayer money, the program has focused on staving off bank repossessions with mortgage assistance, principal reductions and payment of back loan debt.

The program has until 2017 to use up all of its funds. Florida Housing Finance Corp., which oversees the program, has already committed $573.5 million of the $1 billion, and hopes that the Treasury will be more open to the proposal this time around, according to The Real Deal.

The $7.6 billion Hardest Hit Fund has been allocated to 18 states, including Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee and the District of Columbia.

If the Treasury approves the proposal, Florida would be the first state to use the program’s funds to help purchase homes, instead of just keeping them. Those who meet the qualification would receive a $15,000 no-interest loan forgivable over five years.

COMMENTS

by Dominick F Sammarone| 4/7/2015 10:32:25 AM

GOVERNMENT - GOVERNMENT - GOVERNMENT

When did the goverment become mortgage finance experts? After running FNMA-FREDDIE-FHA? Maybe they are using the Post Office as a business model? Maybe the oil and honey subsidies as successful business models?

I believe the constitution only stated that the government was set up to defend and protect the borders...

Another dumb idea of "gifting" homes to new home buyers.

When will America get off the bottle and on regular food? Mommy and Daddy Governement should stop creating buyers. Breast feeding is not intended "for life" (my mom would have been pissed otherwise)

I'm getting tired of the government using my tax money as gifts. I'm also getting tired of cleaning up all these government experiments Gone Wild!

What happened to "FreeTrade" and capitalism? We really have lost control and lost our minds.

by | 4/17/2015 5:58:56 AM

People lost their life savings because Bush failed to regulate banks when they were writing irresponsible mortgages. It's only fair that the government help those people get back on their feet. I think this is a good program.